HomeFed Bank
| Company type | Public (from 1983) |
|---|---|
| Industry | Banking |
| Founded | 1934 |
| Founder | Charles K. Fletcher |
| Defunct | 1992 |
| Headquarters | San Diego , United States |
| Products | Savings and loan services, mortgage lending |
HomeFed Bank was a United States-based savings and loan association headquartered in San Diego. Established in 1934 by Charles K. Fletcher under the name Home Federal Savings and Loan Association, it started with a capital investment of $7,500. The institution expanded its mortgage lending operations by leveraging new federal provisions introduced through the Home Owners' Loan Corporation Act. Within eight years of its inception, the company's assets had grown to $4 million.[1] The firm went public in 1983,[2] and in 1989 it adopted the name HomeFed Bank,[3] reporting record earnings of $115.7 million that year.[2]
As of November 1990, HomeFed ranked as the fifth-largest savings and loan institution nationwide, managing $19.1 billion in assets and operating 215 branch locations. Despite this growth, the company alerted regulatory authorities to a potential increase in non-performing loans by $250 million during the fourth quarter, which could bring the total to approximately $1 billion amid economic difficulties.[4]
In July 1992, federal regulators took control of HomeFed due to insolvency issues, marking one of the largest government seizures of a savings and loan entity.[5] Subsequently, in December 1993, the Resolution Trust Corporation divested HomeFed's assets: selling 119 branches to Great Western Bank, eight branches to Home Savings of America, four to First Interstate Bank, and three to First Federal Bank of California.[6][7]
See also
References
- ↑ Cite error: Invalid
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<ref>tag; no text was provided for refs namedsalerno_12081991 - ↑ Kraul, Chris (October 25, 1989). "HomeFed Corp.: The San Diego-based parent of..." Los Angeles Times. Retrieved December 6, 2020.
- ↑ Johnson, Greg (November 21, 1990). "HomeFed Stock Off 25% on New Loan Concerns". Los Angeles Times. Retrieved December 6, 2020.
- ↑ Kraul, Chris; Furlong, Tom (July 7, 1992). "Homefed Seized by Regulators". Los Angeles Times. Retrieved December 8, 2020.
- ↑ Cite error: Invalid
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